LOAZND, issued by the Mu Digital Protocol smart contracts under the governance of AZND tokenholders, is a tokenized credit-fund interest representing a locked, yield-accruing position in the protocol's senior Asia Dollar tranche backed by Asia-Pacific fixed-income and private credit. [S1][S2]

Holders lock Asia Dollar (AZND), the senior capital-stable USD tranche, into an ERC-4626 vault accruing yield from real borrowers across Asian government, bank, corporate, and high-yield bonds plus private credit managed by Golden Hill Asset Management (GHAM). [S1][S3][S2] Yield accrues as additional vault tokens deposited weekly, with AZND receiving roughly 80 to 90% of net pool yield. [S1][S2] A performance fee of 10% of realized net yield applies, with no management fee. [S4]

The position is issued by Mu Digital Protocol smart contracts and is not issued by a single corporate entity. [S5][S6] The senior claim is protected from losses by the muBOND first-loss tranche, with overcollateralization near 118% and an insurance fund built from protocol fees. [S7][S8] Direct minting and redemption require KYC clearance and are limited to approved counterparties, while permissionless secondary trading is available via DEX partners. [S9][S6] Redemptions enter a weekly queue settling in roughly 7 calendar days via the Singapore-based fund partner in USDC, USDT, or AUSD; locked AZND carries a 1-day unlocking cooldown and is not rehypothecated. [S9][S10][S2]

The locked position is an ERC-4626 vault token, with Asia Dollar (AZND) issued as an ERC-20, deployed natively on Ethereum and Monad. [S2][S11] Users mint AZND 1:1 with USDC, USDT, or AUSD and lock it into the vault, with yield distributed weekly on Mondays. [S7][S9] NAV accounting for the asset pool is provided by Pennyworks. [S5]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.mudigital.net/protocol-overview/how-it-works.md" },
    { id: "S2", url: "https://docs.mudigital.net/protocol-overview/asia-dollar-aznd/locking.md" },
    { id: "S3", url: "https://docs.mudigital.net/mechanics/how-we-generate-yield.md" },
    { id: "S4", url: "https://docs.mudigital.net/mechanics/fees.md" },
    { id: "S5", url: "https://docs.mudigital.net/mechanics/transparency-and-reporting.md" },
    { id: "S6", url: "https://docs.mudigital.net/legal/terms-of-use.md" },
    { id: "S7", url: "https://mudigital.net/" },
    { id: "S8", url: "https://docs.mudigital.net/mechanics/price-stability-mechanism.md" },
    { id: "S9", url: "https://docs.mudigital.net/protocol-overview/asia-dollar-aznd/mint-redeem.md" },
    { id: "S10", url: "https://docs.mudigital.net/protocol-overview/mubond/mint-redeem.md" },
    { id: "S11", url: "https://docs.mudigital.net/technical-reference/smart-contract-architecture/smart-contract-addresses.md" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Tokenized funds

Mu Digital tokens are minted against USD-equivalent reserves and underlying credit-strategy positions; secondary liquidity is provided via Monad-native AMMs and DEXes (Curve, Balancer V3, Uniswap V4).

Mu Digital issues a suite of Monad-native tokenized assets including the AZND USD-stablecoin, the muBOND yield-bearing credit-fund token, and the LOAZND locked yield product.

Mu Digital is a tokenization platform building on-chain fund and stablecoin infrastructure, deploying institutional products on the Monad blockchain.

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Real-world asset (RWA) issuers

Mu Digital

Mu Digital Locked AZND (LOAZND) is a tokenized fund share issued by Mu Digital and managed by Golden Hill Asset Management.

Each token is a direct claim on the issuer and has being wound down issuance.

The fund is closed-ended, invests in government debt, corporate credit, private credit, and multi-asset in Asia-Pacific excluding Japan, and charges a 0% annual management fee.

Its assets are administered by Pennyworks.

Investors can subscribe and redeem in AZND after completing KYC.

LOAZND has been issued on Monad as an ERC-4626 token since November 2025.

Mu Digital Locked AZNDLOAZND